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Income Tax - Highlights / Catch Notes

Home Highlights July 2021 Year 2021 This

Unexplained investment in the property, credit card payment and ...

Income Tax

July 8, 2021

Unexplained investment in the property, credit card payment and cash deposited in the bank - since the assessee has not purchased any property in his own name we do not find any merit in the addition made by the AO the same is accordingly directed to be deleted. - AT

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  1. Unexplained cash deposits in Bank account - The explanation given by assessee cannot be simply rejected when he states that he encashed the traveler cheques and...

  2. Unexplained cash deposit for settling credit card bills - How much cash an assessee keeps cannot be reason for dismissing the explanation regarding payment made in cash....

  3. Unexplained cash credit/debits – unexplained investment - the burden to establish the existence of investment was on the Revenue, which has not been discharged - AT

  4. Unexplained investment - Primary onus - The assessee has deposited cash in its ICICI Bank account on various occasions, and onus is very heavy on assessee to explain...

  5. Addition u/s 68 - Unexplained cash credit - CIT(A) accepted the source of cash deposits without any supporting documents, the issue require detailed enquiry with regard...

  6. Unexplained cash credits in the bank account of the assessee - except stating that the Assessing Officer has already made additions towards investments made in property,...

  7. Unexplained cash deposits in bank - receipt of rental deposits in cash - The fact remains that the cash rental deposits have been received by the assessee which is not...

  8. Addition on account of unexplained cash received from students and trainees - the cash deposited in the bank is fully accounted for and the addition made by the AO is ex-facie bad

  9. Unexplained cash deposits in the bank account - The assessee was very selective in giving effective explanation and evidence before the AO despite adequate opportunities...

  10. Cenvat credit cannot be denied on playing cards supplied as free gift alongwith final product - playing cards were purchased on payment of duty - AT

 

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